Dish Network bids $25.5 billion for Sprint

Early this morning, satellite TV provider Dish Network made a large $25.5 billion bid for Sprint Nextel, besting an existing offer from Japanese carrier Softbank.

The company, which has been hoarding cash for a large acquisition, would use Sprint as a compliment to its current offerings, bundling TV, Internet and wireless phone services.

During a conference call, Dish Chairman Charlie Ergen said"consumers have two necessities in life; food and shelter. But after that, you probably get to your mobile device and your TV as three and four. . . . You want to be able to be connected no matter where you are, and you want to be able to watch your television no matter where you are."

Dish offered $17.3 billion in cash and an additional $8.2 billion in stock for complete control of the company. Softbank offered $20 billion for a 70 percent stake.

While the satellite company has 14 million customers, the merger would give it access to Sprint's 55 million customers, opening up a huge market for potential satellite services sales. Additionally, the company would get access to Sprint's spectrum and airwaves.